5 Jul 2007

Fiji inflation rises but yet to peak

1:42 pm on 5 July 2007

The governor of the Reserve Bank of Fiji, Savenaca Narube, says inflation is at its highest level for many years and is yet to peak.

He noted that May inflation figures were at 6.6 per cent, up from 5.7 per cent the previous month.

Mr Narube told Fijilive that the impact of the recent floods on inflation appears to be taking a long time to correct itself.

Last year, Fiji's inflation rate was 2.5 per cent.

Mr Narube has also said the Reserve Bank has no plans to devalue the Fiji dollar despite claims that it is overvalued.